Capital injection of shareholders in three gorges of Chongqing has been rejected by investment banks generally dare not touch

The shareholding structure is concentrated and clear, the first half of 2013, the ratio of assets and liabilities 37.53%, Chongqing Three Gorges a conforms to the standard of good shell, 2012 sell the Three Gorges British Power Financial weekly key research group Zheng Pengyuan/writing on "stature", Chongqing Three Gorges a very slim, 173 million of total equity,　　About 1.3 billion of the market capitalisation is very dazzling in the shell resources.　　On "talent", Chongqing Three Gorges A is currently the only painting stocks, paint sales gross profit margin as high as 21.38%, in other paint stocks have to sell shell transformation situation, Chongqing Three Gorges A still hold the position, difficult to protect the shell. Stop bleeding The Three Gorges a total share capital 173 million shares, September 17 The total market value is less than 1.3 billion yuan. From this point of view, is a high-quality shell resources three months ago, Chongqing Three Gorges A again denied the resumption of the increase in the statement, and promised, at least three months not planning refinancing matters.　　September 17, Chongqing Three Gorges a closed at 7.38 yuan.　　However, for the market, the quality of the shell resources is quite eye-catching, previously rumored to be the most "Chongqing state investment backdoor Chongqing Three Gorges A" case, has been Chongqing Three Gorges a clear denial, but about "large shareholder Chongqing Medical Holding Group, is interested in Chongqing Three Gorges A to achieve the overall listing" rumors, but never interrupted. Chongqing Three Gorges a total share capital 173 million shares, September 17 of the day the total market value of less than 1.3 billion yuan.　　From this point of view, is a high-quality shell resources.　　From the perspective of shareholder structure, Chongqing Sasac's Chongqing Medical Holding (group) company owns a share of 40.54% Chongqing Three Gorges, and other shareholders are less than 1%, and the property structure is clear.　　In terms of liabilities, the data from the 2013-year report showed that the asset-liability ratio of the Three Gorges in Chongqing is 37.53%, and there is not much problem.　　In addition, Chongqing Three Gorges a period to achieve operating income of 254 million yuan, an increase of 3.71%, net profit of 20.3434 million yuan, an increase of 44.65%, per share earnings 0.117 yuan. Profit from the Three Gorges of Chongqing to stop the bleeding.　　Chongqing Three Gorges A said that the company's paint business is stable, because the original subsidiary of the Three Gorges Power has been disposed of to no longer be included in the consolidated statement, net profit increased significantly year-on-year.　　Last December, Chongqing Three Gorges A will be the Three Gorges of the British power stake and its claims disposal to the holding shareholder of the Medical Group of the subsidiary of the Chinese Medicine Purple Eagle Asset Management Co., Ltd., the price is 140 million yuan.　　This transaction led to the enmity between the Three Gorges of Chongqing and the large shareholder medical Group.　　In fact, Chongqing Three Gorges a divided into a total of 120 million yuan to obtain the Three Gorges British power 80% of the equity, but the Three Gorges British power has been not normal production. In addition, in Chongqing Three Gorges a shareholding period, the Three Gorges British force to the bank has huge borrowings, by the Three Gorges, a holding shareholder medical group to provide security, the bank borrowed most of the Three Gorges has been repaid by the British force.　　and Chongqing Three Gorges a cumulative investment of 449 million yuan to the Three Gorges British force unilateral financial support, has not been repaid. March 2012, the medical Group made a commitment that, before December 31, 2012, if Chongqing Three Gorges a failed to the Three GorgesTransfer of power, the medical group will be at fair prices under the Three Gorges Force.　　The deal also made it harder for the restructuring of the Three Gorges of Chongqing. The big shareholder drags down the Chongqing Three Gorges a nearly by the big shareholder medical Group to put into the asset to drag down the performance, in addition, it also because of corporate governance, information disclosure, financial accounting three aspects of the issue was ordered by the Securities and Supervision Bureau to rectify the April 2011, Chongqing Three Gorges a first disclosure of the proposed plan, to be no less than 13.81 yuan/share of the price, To include the medical group, including the total issue of not more than 50.62 million shares, fund-raising 700 million yuan, for 50,000 tons/year environmental protection and energy-saving paint projects.　　Last February, Chongqing Three Gorges A revised the plan, the release of the reserve price reduced to 6.17 yuan, the total amount of capital raised to 516 million yuan. The sensitive private-equity boss Xu Xiang also lurked at the end of last year. The annual report of the Three Gorges in Chongqing City showed that 1th was bought 1.001 million shares in four quarter last year, and the holding cost was about 7.2 yuan.　　However, January 25 this year, the SFC issued a trial committee rejected the Three Gorges of Chongqing, a directional additional application, so that the market is quite surprised. The SFC's feedback documents disclosed, according to the application materials and Chongqing Three Gorges a representative and sponsor representative of the site statement, the Three Gorges British force for the company's controlling shareholders in 2006 as a share of the value of the asset. Chongqing Three Gorges a divided into a total of 120 million yuan to obtain the Three Gorges British power 80% of the equity, but the Three Gorges British power has been not normal production. In Chongqing Three Gorges a holding, the Three Gorges force on the bank has huge borrowings, from the Three Gorges a holding shareholder to provide guarantees, the bank borrowed most of the Three Gorges has been repaid by the British force, but Chongqing Three Gorges a cumulative investment of 449 million yuan to the Three Gorges force to carry out unilateral financial support, has not been　　Finally, Chongqing Three Gorges A will be the Three Gorges of the British power stake and its debt disposal to the controlling shareholder of the subsidiary of the Medical Purple Eagle price of 140 million yuan. In the opinion of the Commission, the above situation is inconsistent with the provisions of regulation 39th of listed companies ' securities issuance.　　According to the provisions of the article, listed companies exist "the interests of listed companies are the holding shareholders or the actual control of serious damage and has not been eliminated," and other situations, shall not be non-public issue of shares. It is reported that the Three Gorges project in 2007 started construction, the cost of the Three Gorges a large amount of manpower, financial resources and so on. But affected by factors such as raw material prices and markets, the project was forced to stop production in October 2009. According to the requirements of accounting standards, Chongqing Three Gorges Project A on the Three Gorges three glycine production line to reduce value, 2010 and 2011 respectively reduced the value of 170 million yuan and 200 million yuan, a serious drag on the company's performance.　　At the end of 2012, Chongqing Three Gorges A to 140 million yuan to sell the Three Gorges power to the holding shareholder of the medical Group under the medical Purple Eagle, Shang this heavy baggage. Chongqing Three Gorges A relevant personage tells a reporter, "the supervisory department may feel that the assets that the big shareholder put into cannot bring the expected performance, and cost the company a lot of resources, finally low price return to the controlling shareholder, damage the equity of the listed company." "After the increase in the application is not, Chongqing Three Gorges a related negativeResponsible person has said that the issuance of additional investment projects for the company's future development is critical, when the time is ripe will consider the resumption of private distribution.　　However, the Chongqing Three Gorges a official said that currently does not consider the resumption of targeted additional issues. In addition, Chongqing Three Gorges A has also appeared investment bankers worry about other misdeeds. "We don't normally touch companies named by regulators."　　"One investment banker told the weekly finance reporter.　　This May, Chongqing Three Gorges a issued a notice said: Recently received the Chongqing Securities Regulatory Bureau ordered Rectification decision book, the company in corporate governance, information disclosure, financial accounting three aspects, there are problems, the company board of Directors attaches great importance to the real rectification. In order to correct the decision, the Chongqing Securities and Regulatory Bureau points out that in terms of corporate governance, Chongqing Three Gorges A related transaction failed to meet the review procedure; Information disclosure, the first is not in the periodic report of the failure of the drawer because of the inability to perform the bill into accounts receivable, the second is the receipt of large tax returns did not meet the temporary notice of the obligations of the phenomenon, Third, there are omissions in the disclosure of related transactions, four is the purchase of real estate for overseas Chinese shengxin real estate loans to provide mortgages and other circumstances not fully disclosed, five is the periodic report does not disclose a wholly-owned subsidiary of Xinjiang Yu Three Gorges a Paint Chemical Co.